Acorporation entered into a purchase commitment to buy inventory. at the end of the accounting period, the current market value of the inventory was less than the fixed purchase price, by a material amount. which of the following accounting treatments is most appropriate? a. describe the nature of the contract in a note to the financial statements, recognize a loss in the income statement, and recognize a liability for the accrued lossb. describe the nature of the contract and the estimated amount of the loss in a note to the financial statements, but do not recognize a loss in the income statementc. describe the nature of the contract in a note to the financial statements, recognize a loss in the income statement, and recognize a reduction in inventory equal to the amount of the loss by use of a valuation accountd. neither describe the purchase obligation nor recognize a loss on the income statement or balance sheet